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Because tax revenues are lagging, the fiscal deficit could reach 4.5% to 4.6% of GDP in FY27 instead of the planned 4.3%.
Slower company profits, weaker wage growth, and new tax exemptions are making it harder to boost collections.
On top of that, high interest payments (about 40% of revenue) and rising expenses are squeezing the government's budget even more, making financial management trickier for now.